Monetary Policy: Its Changing Objectives, Instruments and Results

Author Name Manmohan Agarwal Irfan Shah
Author Name: 
Manmohan Agarwal Irfan Shah

Abstract: This paper seeks to examine how the objectives of monetary policy have changed over the years from one of supporting public investment to one of inflation control and still later to inflation targeting. It then goes on to analyses how the conduct of monetary policy has changed as the objectives have changed. Finally, we study the effect of these changes in monetary policy regimes on outcomes, growth and inflation particularly.